ROUND ROCK — Melograno at Teravista, a 320-unit luxury garden apartment community located at 401 Teravista Pkwy. in Round Rock has been acquired by a real estate investment partnership managed by Bethesda, Md.-based Crossbeam Capital and Houston-based Concierge Asset Management. The property was completed in 2008 and sold by Bryan, Texas-based Godfrey Residential Group.
DALLAS — San Raphel, a 222-unit Class A apartment community in the Addison/Galleria area of Dallas has sold to Richmond Heights, Ohio-based Associated Estates Realty Corp., a real estate investment trust. Built in 1999, San Raphel is 95 percent occupied and has an average monthly rent per unit of $1,003.
HARTFORD AND WATERBURY, CONN. — Arbor Commercial Funding has arranged two Fannie Mae DUS loans for multifamily properties in Connecticut. Stephen York of Arbor's New York City office secured $1.8 million for 12 Willard Street Apartments, a 61-unit community located in Hartford. John Edwards of Arbor's Boston office secured $1.43 million for Jersey Street Apartments, a 42-unit community located in Waterbury. Both loans carry a 10-year term and a 30-year amortization schedule.
AURORA, COLO. — NorthMarq Capital has arranged $28.29 million in permanent financing for the 576-unit Ridge Hill Apartments, located at 991 South Crystal Way in Aurora. Constructed in 1985, the community comprises 31 three-story, garden-style apartment buildings. NorthMarq’s Gordon Mickelson and Angela Jordan arranged the financing for the undisclosed borrower.
DAVENPORT, IOWA — Ryan Cos. is constructing a 21,000-square-foot addition for the Good Samaritan Society senior-living community and care facility in Davenport. Located at 700 Waverly Road, the $4.36 million, two-story expansion is scheduled for completion in July 2011. The addition will include physical and occupational therapy rooms, lounges, staff offices and mechanical rooms on the first floor; and 16 resident rooms, an activity area, lounges and an expanded dining area on the second floor. Scholtz Gowey Gere Marolf Architects & Interior Designers is providing architectural services for the project.
STAFFORD, VA. — Insight Property Group has acquired Vine Place Apartments, an apartment community located near Quantico Marine Base in Stafford. The 214-unit property sold for $15.9 million. Insight plans to re-brand and reposition the property, which was constructed in 1997. The buyer has retained a new property management company and plans to invest significant capital to upgrade amenities, landscaping, signage and building entrances. The seller was not released.
GREENFIELD, IND. — Financial Equity Associates has acquired Washington Village, a multifamily property located at 4211 W. Potomac Dr. in Greenfield. Locally based Village Apartments of Sugar Creek sold the property for $14.4 million or $50,295 per unit. The 288-unit, 294,826-square-foot property is comprised of 18 two-story buildings offers a mix of 64 one-bedroom/one-bath units, 156 two-bedroom/two-bath units and 68 three-bedroom/two-bath units. Amenities include a 24-hour fitness center, a clubhouse with a billiards table, a swimming pool, a basketball court, a sand volleyball court and a playground. Michael Wernke of Marcus & Millichap represented the buyer and seller in the transaction.
INDIANAPOLIS — Buckingham Cos. is planning to develop North of South, a mixed-use community in downtown Indianapolis. Located between Delaware Street and Virginia Avenue, the $150 million project is slated to include a Dolce Hotels and Resorts hotel, 320 luxury apartments, 40,000 square feet of restaurant and retail space and a 75,000-square-foot YMCA facility. The project is a part of a public-private partnership that includes the City of Indianapolis, State of Indiana and Eli Lilly & Co. Pending final approval, delivery of the first building components is scheduled for late 2011.
INDIANAPOLIS — National Commercial Auctioneers is auctioning a 190-unit multifamily building, which is located on Meridian Street in Indianapolis. The nine-story, 125,502-square-foot building offers studio, one- and two-bedroom units ranging in size from 351 to 1,325 square feet. Additionally, the 60-percent-occupied property includes on-site laundry facilities, access-card entry, free parking, four elevators and security cameras. The property will be up for auction on October 14, 2010.
BROOKLAWN AND ELIZABETH, N.J. — The Kislak Company has brokered the sale of two New Jersey properties for a total of $4.8 million. The first property was Brooklawn Court Apartments, a 54-unit multifamily community located in Brooklawn. It traded for $2.9 million. The second property was an 18,360-square-foot office building located in Elizabeth. It sold for $1.9 million. Kislak's Joni Sweetwood represented the buyer in Brooklawn deal and the seller in the Elizabeth deal, which were the same party, as well as the seller in the Brooklawn deal. Kislak's Andrew Jonas represented the buyer in the Elizabeth deal.